Oil Prices Soar Amid Middle East Turbulence

Oil prices surged nearly 9% as Iran's attacks in the Middle East disrupted supply chains, hitting their highest levels in nearly four years. The global market remains unsettled with significant disruptions, and major geopolitical tensions are exacerbating supply concerns, particularly affecting the Strait of Hormuz.

Oil prices have surged by about 9% to reach their highest levels in nearly four years following heightened attacks by Iran on oil facilities across the Middle East. Iran's supreme leader has escalated tensions by vowing to keep the essential Strait of Hormuz closed.

Brent futures settled at $100.46 per barrel, marking a 9.2% increase, while U.S. West Texas Intermediate crude closed at $95.70, up 9.7%. These levels are the highest since August 2022. The U.S. Energy Secretary noted potential U.S. Navy involvement by month's end to escort vessels through the Strait.

The ongoing conflict represents the largest oil supply disruption in recent history, prompting strategic oil reserve releases. The Trump administration considers waiving the Jones Act temporarily to alleviate domestic shipping constraints, as global markets grapple with the mounting crisis.

(With inputs from agencies.)